Traditional means of cross-checking benefit packages to determine which one is best for a business are no longer sufficient. Companies with growing benefits should turn to innovative technology with sophisticated capabilities to meet their operational needs.
The 21st century has brought with it more technological advances than ever before, opening new opportunities for businesses to streamline their operations. Technology is becoming increasingly important for HR departments as they seek to not only integrate tech into the benefits they offer, but also into the process by which they develop their employee offerings. The shift to digital has been furthered by a changing workforce demographic. Millennials are expected to make up 75 percent of the workforce by 2020, presenting businesses with both opportunities and challenges when it comes to embracing the future frontier of HR.
The utilization of technology can also help employees better manage, learn about and choose their benefits. HR departments should take several things into consideration when weighing the importance of having the right tech tools:
1. Data is a driving force in determining your benefits offerings. Readily available data on employees and potential hires has exploded in recent years, allowing companies to better capture information that is crucial to deciding what benefits may best fit their workforce. These systems have become more advanced over time, and require longer periods of time to fully integrate into an HR department’s overall operational approach. Businesses should act sooner rather than later in acquiring these tools.
2. Continuing policy changes can be accounted for in predictive technologies so that HR can adapt their approach to benefits. Many areas that are covered within common benefit packages, such as health and dental coverage, are continually in flux due to policy changes on Capitol Hill. The right technology can allow businesses to factor in these changes – whether they are reality or simply hypothetical – to make sure that benefits are still on par with employees’ needs and company goals.
3. Centralizing HR tools is essential to creating efficiency and preventing gaps in communication. Integrated technology allows businesses to keep everything in one place, which leads to less time spent sourcing through information and more time devoted to optimizing benefit packages for employees. This streamlined approach also allows HR to run multiple plan options and risk scenarios at once and compare them before a final package is developed.
4. Staying on trend with competitors will depend on having the right technology. Businesses understand that the digital age is here, and technology will only grow in importance in the coming years. Ensuring that your company has the right tools at its disposal now will keep you on trend and help strengthen your benefit offerings in order to recruit and retain top talent. The right tools also give insight into what changes may be on the horizon.
Technology has helped businesses advance leaps and bounds in recent years, and will only become more integral in daily HR operations in the future. At Creative Benefit Solutions, we have continually invested in innovative platforms and tools that allow our partners to succeed and stay ahead of the competition. Our technology offerings include:
• Actuarial Assistance – We compare, evaluate, analyze and customize plan options for our clients. Our sophisticated analysis provides quick answers by modeling the dollar impact of plan changes in real time.
• Risk Decision Support (DS) – Our risk decision tools help employers fully view the risk scenarios and various options that they have in front of them, from possessing a fully insured plan to a self-funded one.
• Experience and Migration Predictive Solution (EM) – We use the most up-to-date analytics to model the impact of potential changes to a benefits plan, factoring in cost, demographics and other factors to aid in the budgeting process.
It is never too late for HR to jump on the technology bandwagon and advance their capabilities. Contact us today to learn how we can use our technology tools to take your benefit offerings to the next level.